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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Austin Sherwood Lett who wrote (6771)	12/10/1997 6:35:00 AM
From: Henry Volquardsen	of 20681

Austin, thanks for coming on the thread and answering some of the questions that had been posed re your previous investments. Anyone who is an experienced investor and who has tried to look for superior investment opportunities has had a fair share of mistakes. My portfolio certainly has its share of skeletons to remind me of past endeavors. Your description of your involvement in these other ventures confirms what I had heard elsewhere. My own career has shown me the value of perserverance and challenging conventional wisdom. Many of the most important lessons I have learned were not on the agenda in Ann Arbor either. I often ask the people who work for me if they know what the definition of a pioneer is? The answer; he's the guy with the arrow in his back. But that is the risk needed to discover real value. On a personal note I was pleased when I noticed that both you and Dr. Johnson were Wolverines. Adding Libertarianism to the agenda is icing on the cake. I look forward to meeting you as well. GO BLUE!

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